Seminole Tribe of Florida via Hard Rock Will Own the Mirage Hotel and Casino in Vegas
Posted on 12/13/2021
Hard Rock International is a brand of hotels and restaurants. The Seminole Tribe of Florida owns Hard Rock International. In 2007, Hard Rock Cafe International (USA), Inc. was sold to the Seminole Tribe of Florida.
Hard Rock International signed a deal to acquire the operations of The Mirage Hotel and Casino in Las Vegas from MGM Resorts International, subject to regulatory approvals and other customary closing conditions. Through the acquisition, Hard Rock plans to build an iconic Guitar-shaped Hotel which will be located on the famous Las Vegas Strip.
Hard Rock Internationalwill pay US$ 1.075 billion in cash for the operating assets of The Mirage Hotel and Casino, subject to customary working capital adjustments. The iconic hospitality and entertainment brand will enter into a long-term lease agreement with VICI Properties Inc. for the real estate property of The Mirage.
Prior to 2020, Hard Rock International had no previous involvement with the Hard Rock Hotel & Casino in Las Vegas. Hard Rock International purchased the licensing and naming rights for Hard Rock Hotel & Casino Las Vegas in May 2020 and vowed to bring the iconic brand to the Las Vegas Strip when the right opportunity presented itself.
Advisors
Barclays served as exclusive financial advisor to Hard Rock International in connection with the transaction, and Jones Day served as legal advisor to Hard Rock International together with Fox Rothschild LLP and McDonald Carano LLP as special gaming counsel.